Problems in the UK mortgage market could actually work in expatriate buyers' favour, according to mortgage broker Offshoreonline.
Figures from Moneyfacts show mortgages on offer reduced by 22% from March to April, narrowing the options for borrowers already struggling with the tighter lending terms by Halifax and the withdrawal of First Direct, Co-op Bank, Northern Rock and others from the market. But Tim Harvey, managing director of Offshoreonline, said that while most of the fallout in the mortgage market has been in the sub-prime category – deals that were based on 100% mortgages or where the applicant could not prove income – these have never been options for expatriates. “Most lenders will request a 20% deposit ...
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